Insurance Mediation Directive

General Overview

The Insurance Distribution Directive (2016/97) (IDD) covers the regulation of insurance and reinsurance intermediaries and brings together the various provisions across the EU regarding registration of intermediaries and professional requirements for these.

IDD was implemented in Gibraltar via the Financial Services (Investment and Fiduciary Services) Act (the Act).

Any insurance or reinsurance intermediary licensed under the Act wishing to passport into another EEA state should notify the GFSC using the forms available in this section.

Forms

Fees

Application fee(s) must be submitted with the notification form(s). Notifications will be considered incomplete and will not processed until the fee is received.

The annual fee is not payable until your notification is approved.

  Freedom to provide Services Freedom of Establishment / Branch
Application Fee £100* £1,100**
Annual Fee £105 per jurisdiction, subject to a maximum of £525 £1,046 per jurisdiction, subject to a maximum of £5,230

*The fees are per country and per notification.
**The fees are per branch.

Details of the payment methods can be requested from the Accounts Team.

Please note that host states may also levy their own fees. These will be requested directly from you by the host state regulator when they receive the notification.

Service Level Standards

The timescales for processing a notification are prescribed by the IDD. We recommend that you take note of these to ensure that you plan for your business needs in advance.

These are:

  Freedom to provide Services Freedom of Establishment / Branch
Since Date of receipt by the GFSC 1 Month 2 Months

When can I start providing services?

When passporting services, we have one month to process the notification and forward to the host state regulator. Therefore you may start providing services either 1) when one month has lapsed and no communication has been received from the host state regulator or 2) before the one month has lapsed if the host state regulator has acknowledged receipt of the notification.

When establishing in a branch, we have one month to process the notification and forward to the host state.  The host state has, within one month of receipt of the notification, to inform the intermediary of the legal provisions applicable in the host state and that it may commence business.   Therefore, you may start providing services via the branch either 1) when two months have lapsed and no communication has been received from the host state regulator or 2) before two months have lapsed if the host state regulator has acknowledged receipt of the notification.

General Good Rules

In accordance with Article 11 of the IDD, firms that passport services into Gibraltar should be aware of the conditions, including rules of conduct, with which, in the interest of the general good, they must comply when carrying on business in Gibraltar.  Firms are therefore required to observe the following Acts and Regulations where they are relevant to the business they conduct in Gibraltar:

  • Financial Services (Investment & Fiduciary Services) Act
  • Financial Services (Conduct of Business: Investment Firms and Insurance Intermediaries) Regulations, 2006
  • Financial Services (Advertisements) Regulations, 1991
  • Financial Services (Unsolicited Calls) Regulations, 1991

Please note that it is the responsibility of the firms providing services in Gibraltar to ensure that it complies with all the requirements of all the laws of Gibraltar.